Public Storage — Director's Dealing 2016

Apr 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-04-25

Reporting Person: HUGHES B WAYNE JR (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-04-25	Stock Option (right to buy)	$258.49	A	5000	Acquired	2026-04-25	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5072154	Indirect
Common Stock	11348	Direct
Common Stock	44312	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$187.91	2025-04-30	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$176.19	2024-05-01	Common stock (5000)	5000	Direct
Stock Option (right to buy)	$164.62	2023-05-09	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$144.97	2022-05-03	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$115.96	2021-05-05	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct

Footnotes

F1: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust. Includes 10,505 shares previously reported as directly owned.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By custodian of an IRA for benefit of reporting person.

F4: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as Amended. Options vest in three (3) equal annual installments beginning one (1) year from the grant date.